Advance Products, Inc., has just organized a new division to manufacture and sell specially designed tables using select hardwoods for personal computers. The division’s monthly costs are shown in the schedule below

Manufacturing costs:

Variable costs per unit:

Direct materials

$84

Variable manufacturing overhead

$6

Fixed manufacturing overhead costs (total)

$229,600

Selling and administrative costs:

Variable

10

% of sales

Fixed (total)

$157,000

Advance Products regards all of its workers as full-time employees and the company has a long-standing no-layoff policy. Furthermore, production is highly automated. Accordingly, the company includes its labor costs in its fixed manufacturing overhead. The tables sell for $280 each.

During the first month of operations, the following activity was recorded

Required:

2.Prepare an income statement for the month using absorption costing. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the $ sign in your response.)

Absorption Costing Income Statement

Sales

$

Cost Of Goods Sold

Gross Margin

Selling and Administrative Expenses

Net Operating Income

$

How it Works?

How it Works?

Step 1:- Want to buy solution for this. Please click on submit your assignment here and then fill all details and please mentioned product code at the end of the case. Product code is extremely important to locate your assignment. You can also mail us by keeping product code as mail subject to besthomewrokhelpers@gmail.com

Step 2:- As soon as we received your details, we will inform you with through email about quotations of the given assignment. Requesting you to please mention your budget. Also ensure our email besthomeworkhelpers@gmail.com should not go into your spam folder.

Step 3:- Once you agree with our price, click on pay now and pay the agreed amount and once we received the payment assignment will be delivered before agreed deadline.

Step 4:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.

Features

Our Features for Assignment Help Services

Plagiarism Free Solution
The first and foremost things that we promise to our customer is plagiarism free solution i.e. a complete and unique solution as per customer’s university requirements.

Excellent Customer Care Services
You can feel our responsiveness once you use our service. Our team of excellent and dedicated customer service representatives are always ready to provide best customer care service 24X7 . Just drop a mail to besthomeworkhelpers@gmail.com and you can receive response in just no time.

Multiple Stage Quality Assurance
We design a unique multiple stage quality assurance team to ensure plagiarism free, original, relevant and as per customer’s requirements. We not only give importance to accurate solutions or writing but also we give equal importance to references style too.

Privacy and Confidentiality
We believe in maintaining complete privacy and confidentiality of all our clients. None of the information furnished to us is shared with anyone else.

Our Clients

We receive requests from clients all over the World. Most of our customers are from USA, UK, Australia, Canada, UAE, Muscat, Oman, Qatar, UAE, New-Zealand, France Germany etc.

3.Prepare a contribution format income statement for the month using variable costing. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the $ sign in your response.)

Variable Costing Income Statement

Sales

$924000

Variable expenses:

Variable COGS

$ 297000

Variable Selling and Administrative

Contribution Margin

Fixed expenses:

Fixed Manufacturing Overhead

$229600

Fixed Selling and administrative

$157000

$386600

Net Operating Income

$

4.Reconcile the absorption costing and variable costing net operating incomes in (2) and (3) above. (Loss amounts and amounts to be deducted should be indicated with a minus sign. Omit the $ sign in your response.)